Tractable AI, a London, UK-based company which specializes in artificial intelligence (AI) using computer vision to assess the condition of cars and homes, raised $65M in Series E funding.
The round was led by SoftBank Vision Fund 2 with participation from existing investors Insight Partners and Georgian. As part of the transaction, Nahoko Hoshino, Investment Director for SoftBank Investment Advisers, will join the Tractable board.
The company intends to use the funds to accelerate its expansion across the auto and property ecosystems to apply AI to cars and homes that need to be repaired, protected, recycled or sold.
Led by Alex Dalyac, CEO, Tractable is an Applied AI company that uses artificial intelligence to visually assess cars and homes. Its AI automates the insurance claims and damage assessment process, enabling real-time condition assessment and accurate repair estimates based on images captured via smartphone. Trained on millions of data points, Tractable’s AI reviews photos of cars and homes captured via smartphone and recommends decisions based on damage severity. The company also uses its AI solutions in the auto collision sector to accelerate repairs and salvage vehicle parts for reuse and resale. The company works with leading P&C insurers, automotive and property companies including American Family Insurance and Aviva, as well as leading automotive companies in recycling, repair and retail. Its solutions process more than $7 billion in vehicle repairs and purchases annually, and connect everyone involved in insurance, repairs, and sales of cars and properties.
The team also include recently added Venkat Sathyamurthy as Chief Product Officer (formerly head of platform at Adobe), Mohan Mahadevan as Chief Science Officer (formerly computer vision lead at Amazon) and Andrew Shimek as President to oversee global operations and sales.
Tractable has a research and engineering team is based in London, with additional offices across North America, Asia and Europe.
FinSMEs
19/07/2023